Affordable housing continues to be a challenge in Mumbai, with very limited options available below the ₹1 crore mark unless supported by subsidies, according to Manju Yagnik, Vice Chairperson of Nahar Group and Senior Vice President of NAREDCO Maharashtra.
Speaking at an industry forum, Yagnik highlighted that escalating land costs, higher construction expenses, and regulatory charges have pushed up property prices across the city. “In the current market environment, delivering quality homes below ₹1 crore in Mumbai is nearly impossible without government incentives or subsidies,” she said.
She pointed out that while demand for affordable housing remains strong, developers are struggling to balance costs with buyer expectations. Subsidies under government schemes, such as interest subventions and tax incentives, play a crucial role in keeping housing within reach for middle-income families.
Industry analysts agree that Mumbai’s real estate market is witnessing a shift toward mid- and premium-segment housing, as developers focus on projects that offer better margins. However, Yagnik stressed the need for continued policy support to ensure inclusivity in housing and to keep the dream of homeownership alive for a wider segment of the population.
